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this redevelopment project. This determines how long it will take the <br /> city to recapture its investment in the project. This value will <br /> • determine the length of any TIF redevelopment district and the <br /> amount of local government penalties associated with TIF. Other key <br /> factors in this project include the purchase price for the sites, the site <br /> preparation costs, and the interest expenses that will be necessary as <br /> the HRA will have to borrow money for this project. Assistant City <br /> Administrator Lori Johnson will have financial information available <br /> for discussion Wednesday evening. <br /> The timing of this project looks like the following: <br /> • Purchase the property in spring, 1996 <br /> • Complete some site preparation activities in 1996 <br /> • Sell the property in early 1997 for the raw land value and use <br /> this money to pay off some of the project debt <br /> • In spring, 1997, approve a development plan and do a TIF <br /> redevelopment project <br /> • Summer, 1999, collect the first TIF payment <br /> It should be the goals of the HRA to help provide the central business <br /> district with a new business and downtown anchor and to recapture its <br /> investment as soon as possible so that the local government penalty is <br /> • minimal. <br />